Motco Cuts Position in Wells Fargo & Co (NYSE:WFC)

Motco trimmed its position in shares of Wells Fargo & Co (NYSE:WFC) by 32.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,118 shares of the financial services provider’s stock after selling 1,986 shares during the period. Motco’s holdings in Wells Fargo & Co were worth $208,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Coastal Capital Group Inc. purchased a new stake in shares of Wells Fargo & Co during the second quarter worth approximately $78,000. Little House Capital LLC increased its stake in shares of Wells Fargo & Co by 372.8% during the second quarter. Little House Capital LLC now owns 149,639 shares of the financial services provider’s stock worth $7,081,000 after buying an additional 117,987 shares during the period. Cibc Bank USA increased its stake in shares of Wells Fargo & Co by 15.4% during the second quarter. Cibc Bank USA now owns 28,181 shares of the financial services provider’s stock worth $1,334,000 after buying an additional 3,756 shares during the period. Ballentine Partners LLC increased its stake in shares of Wells Fargo & Co by 16.3% during the second quarter. Ballentine Partners LLC now owns 22,787 shares of the financial services provider’s stock worth $1,078,000 after buying an additional 3,193 shares during the period. Finally, Calton & Associates Inc. increased its stake in shares of Wells Fargo & Co by 67.8% during the second quarter. Calton & Associates Inc. now owns 10,772 shares of the financial services provider’s stock worth $510,000 after buying an additional 4,354 shares during the period. Hedge funds and other institutional investors own 78.20% of the company’s stock.

Shares of WFC traded up $0.05 during mid-day trading on Tuesday, reaching $54.10. 460,186 shares of the company’s stock were exchanged, compared to its average volume of 20,618,104. The company has a debt-to-equity ratio of 1.33, a current ratio of 0.86 and a quick ratio of 0.85. The stock has a market capitalization of $228.81 billion, a PE ratio of 12.34, a price-to-earnings-growth ratio of 1.13 and a beta of 1.11. The business’s fifty day simple moving average is $50.61 and its 200-day simple moving average is $47.67. Wells Fargo & Co has a 52-week low of $43.02 and a 52-week high of $55.04.

Wells Fargo & Co (NYSE:WFC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.23). The business had revenue of $22.01 billion for the quarter, compared to analysts’ expectations of $21.32 billion. Wells Fargo & Co had a return on equity of 13.01% and a net margin of 21.67%. The business’s revenue was up .3% on a year-over-year basis. During the same quarter last year, the business posted $1.13 earnings per share. Equities research analysts predict that Wells Fargo & Co will post 4.46 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 8th will be given a dividend of $0.51 per share. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.77%. Wells Fargo & Co’s dividend payout ratio (DPR) is presently 46.58%.

Wells Fargo & Co declared that its Board of Directors has initiated a share repurchase program on Tuesday, July 23rd that allows the company to buyback 350,000,000 outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

A number of analysts recently weighed in on WFC shares. Credit Suisse Group upped their target price on shares of Wells Fargo & Co from $52.00 to $53.00 and gave the stock a “neutral” rating in a research note on Friday, October 4th. Deutsche Bank set a $44.00 price target on shares of Wells Fargo & Co and gave the company a “hold” rating in a research note on Friday, July 26th. Robert W. Baird lowered shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating and set a $50.00 price target on the stock. in a research note on Monday, September 30th. Argus upgraded shares of Wells Fargo & Co from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a research note on Monday, September 30th. Finally, Odeon Capital Group lowered shares of Wells Fargo & Co from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd. Four research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $49.75.

Wells Fargo & Co Profile

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.

Further Reading: Strangles

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Institutional Ownership by Quarter for Wells Fargo & Co (NYSE:WFC)

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